JPMorgan

Government auditors are investigating exclusive contracts held by Bank of America Corp. and JPMorgan Chase & Co. to provide financial services inside federal prisons…Bank of America has been paid at least $76.3 million by Treasury to manage inmates’ accounts, money transfers, email service and other technology inside the 121 facilities managed by the Federal Bureau of Prisons. The contract has been amended 22 times since it was awarded without competitive bidding in 2000. The accounts hold the money inmates earn from prison jobs paying as little as 12 cents an hour and supplemental funds sent by family and friends. Inmates use the money for clothing, phone calls, food and other expenses. Treasury says the payments to Bank of America were reimbursed by the Department of Justice, the Bureau of Prisons’ parent agency. JPMorgan issues debit cards to inmates when they are released that contain the balance remaining in their prison accounts. JPMorgan’s original contract was awarded in 1998 and amended at least 14 times. It was re-upped in 2008 and amended at least four times since then. [Center For Public Integrity]

It’s a swell time to be an investment banker at the House of Morgan. Bond traders at JP Morgan? Better luck next time. Read more »

Unless you’ve avoided Facebook or other forms of social media these last couple weeks, you know that people are raising money for ALS by dumping buckets of ice water on their heads. As a fan of water-based challenges and an opponent of terrible diseases, this thing was right in JP Morgan’s wheelhouse. A firm-wide email was sent around yesterday asking people to sign up to get dumped on today at 3PM outside the 270 Park Ave HQ, with $100 donated for every participant (total amount donated was $150,000). The bank “provided big individual orange buckets for all, as well as free tee-shirts.” Read more »

It’s called orientation and training and it’s such a rare and unique time in junior mistmakers’ lives that one guy recounted his own experience to Dealbook as though it was the greatest thing that ever happened to him. Read more »

  • 11 Jun 2014 at 3:03 PM

Layoffs Watch ’14: JP Morgan

According to CFO Marianne Lake, the bank may be forced to sacrifice some employees (and bonuses) for the greater good. Read more »

Before Cristina Monteiro, a managing director at JPMorgan Chase & Co. (JPM), flies abroad, she first checks to see where her colleagues will be sitting — and then chooses her own seat on the other side of the plane. “I don’t want to sleep with anyone from my office,” said Monteiro, 53, about the prospect of having a male co-worker as a seatmate on an overnight flight. “I’m very upfront about it. It’s awkward.” [Bloomberg]

JP Morgan Chase & Co.’s fairly quiet shareholder meeting in Tampa, Fla., disappointed two locals. They came for entertainment, but all they got was a free lunch. John Williams, 34, and Chris Taylor, 40, drove about 20 minutes to the J.P. Morgan office complex about 10 miles east of downtown Tampa. The Tampa locals arrived at 8 a.m. prepped with fold-up picnic chairs, a cooler of food and a gallon bottle of water expecting protesters, Messrs. Williams and Taylor said…Messrs. Williams and Taylor set up shop outside a batch of port-a-potties near the entrance to J.P. Morgan’s office complex and geared up for protests. None sprung up…The two men said they expected some entertainment but by 11:45 a.m., with the meeting over for almost an hour and shareholders driving away, they realized they were out of luck. [MoneyBeat]

  • 20 May 2014 at 9:23 AM

Jamie Dimon Has A Five-Year Plan

JP Morgan Chase & Co. Chief Executive Officer James Dimon has told investors he wants to stay with the largest U.S. bank for as many as five more years, according to people familiar with the conversation. “I’m going nowhere,” Mr. Dimon said during an April 23 lunch at a hotel overlooking Boston Harbor, according to people who attended…The new clarity is a contrast to comments made by the 58-year-old Mr. Dimon a year ago as he hinted in a private meeting with investors he might leave the bank if shareholders voted to separate his roles of chief executive and chairman, according to people familiar with that conversation. [WSJ]